Regulations
SEBI holds guilty CMD, CEO of Palred Technologies for insider trading
Top brass of Hyderabad-based Palred Technologies were found by SEBI to have used unpublished price sensitive information to unlawful gains of over Rs2.2 crore
 
Market regulator Securities and Exchange Board of India (SEBI) has held guilty chairman and managing director (CMD) and chief executive (CEO) of Palred Technologies Ltd (PTL), a micro-cap which runs LatestOne.com, an online mobile accessories store. 
 
According to SEBI, Palred's CMD Palem Srikanth Reddy and CEO Ameen Khwaja were part of a cartel of 15 people termed as 'insiders' and were in possession of unpublished price sensitive information (UPSI) on the basis of which they traded in the scrip of PTL. 
 
In an order, Prashant Saran, whole time member of SEBI said, "...I, in exercise of the powers conferred upon me by virtue of Section 19 read with Sections 11(1), 11(4)(d) and 11(B) of the SEBI Act, 1992, hereby order to impound the alleged unlawful gains of a sum of Rs2.22 crore (alleged gain of Rs1.66 crore plus interest of Rs56.55 lakh from the date of buy transactions to 31 January 2016), jointly and severally from the (15) persons tabulated in the paragraph above. If the funds are found to be insufficient to meet the figure of unlawful gains, as directed above, then the securities lying in the demat account of these persons shall be frozen to the extent of the remaining value.
 
Besides Palem Srikanth Reddy and CEO Ameen Khwaja, SEBI has named Noorjahan A Khwaja, Ashik Ali Khwaja, Rozina Hirani Khwaja, Shefali Ameen Khwaja, Shahid Khwaja, Pirani Amyn Abdul Aziz, Mohan Krishna Reddy Aryabumi, Karna Ramanjula Reddy, Umashankar S, Raja Lakshmi Srivaiguntam, Kukati Parvathi, Prakash Lohia and P Soujanya Reddy in the order.
 
SEBI investigation revealed that Palem Srikanth Reddy, Mohan Krishna Reddy and P Soujanya Reddy (promoter of PTL and mother of Palem Srikanth Reddy) were the persons privy to the ‘slump sale of software solutions business to Kewill group’. Palem Srikanth Reddy was also privy to the information about the declaration of dividend. “...Palem Srikanth Reddy had communicated or counselled, directly or indirectly the UPSI to one Ameen Khwaja, his relative Kukati Parvathy (aunt of Palem Srikanth Reddy) and others (hereinafter collectively referred to as the ‘suspected entities’). Ameen Khwaja appears to have not traded in the scrip of PTL during the period of investigation. However, his immediate family members namely  Noorjahan A Khwaja, Ashik Ali Khwaja, Rozina Hirani Khwaja, Shefali Ameen Khwaja and Shahid Khwaja (hereinafter collectively referred to as ‘Khwaja group’) were found to be trading in the scrip of PTL during the UPSI period," SEBI said.
 
The market regulator also found that Pirani Amyn Abdul Aziz was connected to Ameen Khwaja through mutual friends on ‘Facebook’. "He (Pirani Amyn Abdul Aziz) was employed with Deloitte Tax Services India Pvt Ltd (a group company of Deloitte Touche Tohmatsu India Pvt Limited, which had conducted the due diligence of PTL during the
slump sale). During the course of investigation, Pirani Amyn Abdul Aziz failed to reply to the specific details, as sought by SEBI," it said.
 
Earlier, on 9 December 2013, the Company changed its name from Four Soft Ltd to PTL.
 
Palred Technologies closed Tuesday 7.5% down at Rs63.9 on the BSE, while the benchmark Sensex ended the day 1.1% down at 24,020.

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COMMENTS

Nitin A. Khandkar

1 year ago

Someone had recommended the stock to me three months ago. I was skeptical of the business model and the company's e-commerce venture. Seems the company made a placement to top investors since then. This story only highlights the need to carry out thorough due diligence on small caps.

Arunkumar A Vijayan

1 year ago

Why are you bringing in Mr Porinju into the story??
Please explain?

ch prakash

1 year ago

I could not understand the connection with Mr.Porinju Veliyath with the story.

Pregnancy not a permanent bar on employment in the military: High Court
Forcing a choice between bearing a child and employment interferes both with a woman’s reproductive rights and her right to employment and such an action could have no place in modern India, the Punjab & Haryana High Court said
 
In a decision, which will go a long way in assuaging procedural irritants related to women in uniformed services, the Punjab & Haryana High Court has ruled that a woman candidate could not be permanently debarred from joining as a doctor in the Army Medical Corps (AMC) on the pretext that she had conceived during the selection process and that such an action has no place in modern India.
 
Passing a 36 page landmark order on the petition discussing constitutional provisions, conventions and judicial precedents around the globe, Justice Harinder Singh Sidhu held that forcing a choice between bearing a child and employment interferes both with a woman’s reproductive rights and her right to employment and such an action could have no place in modern India. The High Court has also held that in such cases, keeping the nature of employment in consideration, the Government could grant maternity leave or keep a vacancy reserved, which could be offered to a candidate after childbirth. 
 
The Petitioner, who applied in early 2013 for a short service commission in the AMC was asked to join service in February 2014 after clearing all examinations and medical tests. Unlike other branches, married women till the age of 45 are eligible to join AMC and there is no training in a military academy and candidates join a hospital closest to residence and are made to complete a basic in-service course of 8 weeks within a flexible time period.
 
However, between the period of her application and joining, the petitioner conceived and disclosed this fact on the date of joining after which she was not allowed to assume duties. She was informed that she could not join since her pregnancy amounted to deterioration in health. Her candidature was cancelled and she was advised to undergo the entire selection process again in case she wanted to join AMC.
 
Aggrieved, the petitioner had moved the High Court in 2014 averring that pregnancy was not ‘deterioration in health’ but a mere incidence of marriage and womanhood. The Petitioner pointed out that there would have been no problem had she not disclosed her pregnancy or had conceived the day after joining or had given birth before the joining date and that in paramilitary forces uniformed doctors were simply asked to join after childbirth in case any problem was envisaged due to pregnancy.

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COMMENTS

Subramani P K

1 year ago

Welcome judgement. AMC there is no field duties nor physical training and work in any hospitals is done by pregnant doctors & para medical staff without any difficulty. Of course during advance stage of pregnancy & after child birth a few months maternity leave can be allowed and again asked to resume duty.

How a minor row in Haryana sparked a dozen murders
Gurgaon : A dispute over a small plot of land in a Gurgaon village gave birth to two gangs and led to a dozen cold-blooded murders, with Haryana Police finally gunning down Sandeep Garauli, one of the gang leaders, in Mumbai over the weekend.
 
Bhoop Singh and Mehar Chand, both Jats and from Garauli village on the Gurgaon-Pataudi Road, got into a row over a 200 square metre residential plot in the mid-1990s.
 
In 1997, as teenagers, Sandeep Garauli from Bhoop Singh's camp and Narender from Mehar Chand's camp challenged each other to take possession of the plot, police sources and villagers said.
 
After a few days, Narender and his friend Hemant stabbed Sandeep Garauli multiple times and threw him in a field, assuming he was dead. But he survived.
 
It was the beginning of the horror story. Narender and Hemant were booked for attempt to murder.
 
On December 15, 1999, Sandeep Garauli was for the first time booked for looting and under the Arms Act.
 
Garauli's father was a sub-inspector in Haryana Police, and a few police personnel allegedly had a soft corner for Garauli.
 
According to police records, Sandeep Garauli's elder brother Kuldeep Singh and his cousin Bhram Prakash murdered Mahavir Singh from Mehar Chand's camp in 2000.
 
In retaliation, Mehar Chand's men abducted Sandeep Garauli's another brother, Naresh Kumar alias Nehru, an advocate, and allegedly burnt him to death at an isolated spot near Gurgaon's Behrampur viilage in 2001.
 
By then, the original gang leaders were dead.
 
A furious Sandeep Garauli joined hands with Neetu Gahlot and Binder Gujjar, then part of the Fauji Gang. Eventually, he raised his own gang.
 
According to police records, Sandeep Garauli's men attacked Hemant on January 10, 2004 when he was to be produced before the court of fast track judge B.M. Bajaj in Gurgaon.
 
Hemant was critically injured in the attack. Police constable Rajesh Kumar, who was escorting Hemant, died on the spot.
 
Later that day, police gunned down three accomplices of Sandeep Garauli after chasing them for 18 km in the foothills of Aravali.
 
Hemant succumbed to his injuries 18 days later.
 
Sandeep Garauli allegedly shot dead Randhir Singh in 2004 in Palam Vihar, one of the accused in the murder of his advocate brother.
 
On September 23, 2004, Garauli allegedly gunned down his main rival Narender -- with whom he had had a fight in 1997 -- in a village in Jhajjar district.
 
During this period, some other criminals, including Neetu Gahlot and Sangeeta Rajje, then vice chairperson of Gurgaon Municipal Council and wife of slain gangster Rajesh Nasa alias Rajje Punjabi, were also shot dead in internecine war, police records show.
 
Haridatt, a right hand of Sandeep Garauli, was gunned down by the Binder Gujjar gang in a court in retaliation, police say.
 
A year later, in the same premises, Sandeep Garauli and his men allegedly gunned down Dharamveer Ullawas from the Gujjar camp.
 
Sandeep Garauli's gang also shot dead Gujjar's relative-driver Ashok Kumar in Gurgaon in the first week of October 2015.
 
Gujjar's men then murdered Rajkumar Sethi, who allegedly financed Sandeep Garauli.
 
Police Commissioner Navdeep Singh Virk said his force was determined to bring down the crime graph in Gurgaon, a business hub in Haryana that adjoins New Delhi.
 
He said Gujjar was in jail and the Crime Branch had eliminated Sandeep Garauli in Mumbai. The Crime Branch officials who killed him would get out of turn promotions.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

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